Wall Street formally landed in the scary woods of a bear market yesterday.

But many say its been wandering there for weeks.

“You mean people are just now realizing it?” said Michael Metz, the legendary bear who’s a market strategist at CIBC World Markets.

“Historically, people don’t know that we’re in a recession until we’re well into it.”

Several new lows set in yesterday’s sell-off tend to bear him out.

The Standard & Poor’s 500 Index fell 18, or 1.43 percent, to 1,239.94, closing more than 20 percent below its high – the traditional definition of a bear market.

The technology-laden Nasdaq skidded 55.99, or 2.54 percent, to hit a new two-year low at 2,151.83. The Nasdaq closed out February with a 22.4 percent decline – the third worst after a 23 percent drop in November 2000 and a 27.2 percent drop in the October 1987 market crash.

The Nasdaq has fallen almost 60 percent in the last year.

Even stable blue chips got beat up yesterday, with the Dow Jones industrial average sliding 141.6, or 1.33 percent, to 10,495.28.

Greenspan told the House Financial Services Committee that the economy was slow – but not as slow as it had been. That indicated there won’t be a rate cut ahead of the Fed’s regular March 20 meeting.

Investors responded by sending a message of disappointment to Greenspan.

“Mr. Greenspan and economists believe earnings will recover in the second half, but investors aren’t buying it,” said Hugh A. Johnson, who is the chief investment officer at First Albany Corp.

“Investors clearly are sending a message,” said Johnson. “It’s very often the case that markets drive public policy, and, in this case, the declines are an attempt to influence the Fed’s decisions.”

The latest economic numbers weren’t soothing, either.

A government report revised fourth-quarter growth, showing that the economy grew at an even weaker annual pace of 1.1 percent compared with a previously reported 1.4 percent rate – the most sluggish in five years.

“When everyone realizes it’s a bear market, it’s time to get out your buy tickets,” said Metz.

There wasn’t much buying, however, in the busy session yesterday.

Chip-makers were hit hard, with Broadcom Corp. down $4.38 to $49.25; Applied Micro Circuits Corp. off $3.56 to $26.75, and PMC-Sierra Inc. down $4.44 to $33.50

Cisco Systems, the most active stock on the Nasdaq, fell 31 cents to $23.69.